(Adds more details from paragraph 2, quote in paragraph 4)
Feb 5 (Reuters) - Australian rare earth miner Lynas Rare Earths (LYC) said that it has held confidential discussions with MP Materials Corp MP.N regarding a potential transaction, even as these discussions are not ongoing.
This comes after the steep fall in rare earth prices after demand in China fell due to a protracted property crisis, as a result of which the company's second-quarter revenue fell sharply, missing analysts' estimates.
Lynas is the world's largest producer of rare earths outside China.
"Lynas is implementing a strong organic growth plan," the company said in a statement, "...continues to seek opportunities to use our proven expertise to build scale."
The rare earth miner has currently market capitalisation of about $3.55 billion, while its New-York listed peer is valued at $3.06 billion.
News: LYC UPDATE 1-Australia's Lynas Rare Earths confirms discussions with MP Materials
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